The overall operating profit before property profits was up £8.7m in Waitrose and £1.8m in John Lewis on a 52-week basis, which were both impacted by a higher share of central costs as well as restructuring costs in John Lewis.

"Although profit before tax and exceptionals was down by 10.9 per cent on last year, that was entirely due to higher pension charges arising from volatility in the market-driven assumptions, and lower property profits.

"Excluding these, our profits were around seven per cent up on last year which, together with a strengthening balance sheet, represents good progress over the year."

Staff at the John Lewis store in Broad Street, Reading, are celebrating a 10 per cent bonus

During 2015 there were sales growths in fashion, home, electricals and home technology, with initiatives such as myWaitrose - which now has six million members - helping boost customer figures.

Online sales growth rose by 17 per cent, although there was a slight drop in sales in shops.

Sir Charlie added: "I am very pleased that 91,500 partners will receive a bonus of 10 per cent, which is equivalent to more than five weeks' pay.

"Partners worked especially hard this year coping with unpredictable patterns of trade and the need to keep costs tight, making these results hard won and their bonus well deserved.

"Taken together with the rising cost of pensions, the total combined cost we have set aside in our income statement for bonus and pensions was higher than prior years."